TAV Airports recieves “Infrastructure Finance Deal of the Year” Award
The debt restructuring of TAV Airports in Tunisia was selected as the infrastructure finance deal of the year by Bonds & Loans Turkey.
TAV Airports, Turkey's leading brand in airport operations, was deemed worthy of an award at the seventh Bonds & Loans Turkey Awards. The awards were given to their owners during the Bonds, Loans & Sukuk Turkey 2021 conference that took place at Shangri-la Bosphorus Istanbul. TAV Airports Chief Financial Officer (CFO) Burcu Geriş delivered a speech at the panel on debt restructuring and postponement in Turkey of the conference, which brought together the representatives of the finance and banking sector and the finance managers of Turkey's leading companies.
TAV Airports Chief Financial Officer (CFO) Burcu Geriş said, “We successfully concluded the debt restructuring negotiations in Tunisia in which we operate two airports, in February 2021. We performed a successful transaction, especially with the devoted efforts and support of our creditors, Tunisia Airport Authority and all stakeholders. As a result of the restructuring, TAV Tunisia's bank debt decreased from 371 million Euros to 233.6 million Euros as of the third quarter of 2020, thus TAV Tunisia has had a sustainable debt structure. Based on this transaction, we generated a one-off revenue of 109 million Euros. We are happy to have successfully completed this challenging agreement, which reveals the common benefit of all parties, and to win this award. I would like to thank all my teammates, consultants and creditors working on the project”
TAV Airports Project and Corporate Finance Coordinator Emre Mutlu stated, “The debt restructuring transaction of TAV Tunisia was an exemplary project with its financing structure. Although we faced various difficulties during the process, we successfully closed the transaction in February 2021 by maintaining healthy, constructive and problem-solving communication with the creditors and related parties. We are also delighted that this transaction was awarded as the infrastructure project of the year by Bond&Loans. I would like to thank all my teammates, creditors and consultants who contributed to the project.”
Before the debt restructuring in February 2021, TAV restructured the terms of the concession agreement with the Tunisian government in November 2019. TAV Airports has the right to operate Enfidha and Monastir airports in Tunisia until 2047. The two airports served a total of 3 million passengers in 2019.
About TAV Airports
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 92 airports in 26 countries. A member of Groupe ADP, TAV Airports is the part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security and commercial area management. The company is quoted on Istanbul Stock Exchange.